Bithumb Losses Totalled $180 Million in 2018 Bear Market, Company Reports

Bithumb confirmed that troubling market conditions spurred the losses, which come despite 17% sales growth. South Korean cryptocurrency exchange Bithumb had a net loss of 205 billion won ($180 million) in 2018 due to the Bitcoin (BTC) bear market, local English-language daily news outlet Korea Times reported on April 11.Citing data from the exchange’s operator, BTCKorea.com, the publication revealed Bithumb, South Korea’s largest exchange, endured the extensive losses despite sales growing 17.5% compared to 2017.“In terms of sales, we saw a 17% increase, and we continue to increase overseas investments,” a spokesman added in private comments.Bithumb’s performance falls in line with other similar losses in the cryptocurrency industry, which accepted the growing pains as Bitcoin maintained its now record bear market throughout last year.As Cointelegraph reported, other companies in the space, such as mining giant Bitmain and hardware manufacturer Nvidia, also reported shaky performance due to market conditions.In August, Bithumb’s troubles were compounded when a security breach resulted in the loss of funds worth 35 billion won ($30 million), while last month saw another 14 billion won ($12 million) disappear in an alleged insider job.…

Crypto Exchange Bithumb Reportedly Hacked

According to crypto exchange Bithumb, the exchange detected unusual withdrawal activity. Today, March 30, crypto exchange Bithumb posted on Twitter that their cryptocurrency withdrawals and deposits have temporarily been paused.In an explanation linked to the tweet, the exchange writes that at 10:15 (time zone unknown) on the 29th, they detected what they describe as abnormal withdrawals through their monitoring system.The exchange continues that they have “secured all the cryptocurrency from the detection time with a cold wallet and checked them by blocking deposit and withdrawal service.”According to the translated note, the incident was an “accident involving insiders” and they are conducting investigations with security companies, the cyber police agency, and KISA.A tweet from crypto user Dovey Wan wrote that more than 3 million EOS (around $12.5 million) has been transferred at Bithumb’s cold storage level, but this is unconfirmed.In June 2018, Bithumb had suffered a hack of around $30 million in cryptocurrencies.…